2009 IPL FEMA Case: Tribunal gives major relief to BCCI, Lalit Modi

Appellate Tribunal under SAFEMA set aside most ED penalties against BCCI and Lalit Modi in 2009 IPL South Africa FEMA case.

Tribunal quashed most findings but upheld two minor penalties on BCCI for excess remittance and delayed repatriation.

Case relates to 2009 IPL edition held in South Africa, involving alleged FEMA violations.

ED had imposed penalties on BCCI and Lalit Modi, now largely overturned by tribunal.

BCCI and Lalit Modi get major relief as tribunal rules in their favor.